All Forum Posts by: Andrew Flora

Typically I would be confident with making an offer and raising money but I’ve been told that the sellers are taking the best offer on Friday at 5p.m it’s currently Wednesday so I don’t have the time to make that happen.  

I agree it’s very unlikely the family would all agree on a contract sale compared to cash but, that might be the only reasonable offer I can make.

Looking for some wisdom here....

There’s a great deal on 64 units where I invest but it is part of an estate sale.  The owner deceased and the family is selling the real estate as part of the estate sale.  I’m a couple hundred thousand short of being able to get financed for this MM purchase, so I considered writing a seller finance offer with a few hundred thousand down.  My realtor says they won’t be able to close the Estate if it’s not a cash or traditionally financed purchase(getting them all the money at closing).  Any info on this?  My understanding is that the down payment could be dispersed among family then they would have to wait for my balloon 3-5 years later for the rest, is this true?  Or would the down payment be held in the Estate or Trust until the note was paid in full?

Thanks for any advice or information!

There’s chefs near me that offer weekly food prep services.  They chef at high end restaurants which keep them busy at night and on weekends but during the day they utilize the commercial kitchen and meal prep as a side hustle.  Very high quality, fresh, and healthy meals usually around $7-10 per meal.  They have several free pick up locations around the city(gyms, and their restaurant) and offer shipping(shipping can be expensive).  They have new menu items weekly and they offer breakfast, lunch/dinner, and dessert items.  They can usually help you with your diet plan if you are vegan, vegetarian, keto, paleo, gluten free, etc.

I pick up about 10 meals weekly for lunch and dinner and it’s typically like $80/week.  Also leaves me a few meals to cook myself or grill out because i enjoy doing that occasionally.

For those in Southern Indiana or Louisville check out “Bite Meals” and “MacroMan”.  I do not work for either company, just a happy customer.

A very small percentage of investors get their start by raising private money from friends and family.  If you can do that, that will be your fastest way to get ahead.

If you can’t do that then get the ball rolling by increasing your income and your savings rate.  The ball will roll very slow for the first few years but will pick up momentum quickly. 

Get a second job.  It sucks but you’re young it won’t kill you to work 20 hours on weekends for a couple years.  Sell everything you own that isn’t a necessity.  I sold my truck and motorcycle to purchase my first duplex.  I paid cash and drove a car I paid $1,000 cash for.  If you own a house or rent then get out of that and buy a multi-family dwelling 2-4 units, rent the other units and rent a spare bedroom in your unit to a friend.  I actually moved back in with my parents for a couple years to increase my savings rate, I was fortunate that they were cool with it and that we got along well.

Some people will also flip some single family homes to fuel their income for their bigger multi-family investments , you can do this but I don’t recommend it.  You would be better off doing the brrrr strategy than flipping.

If you get a second job, eliminate your mortgage/rent, eliminate car payments, keep all other expenses to a minimum, and house hack you can easily get that ball rolling fast and you could have 8-10 doors in a couple years very conservatively.  Then your investments start compounding and it’s easy to scale from there by trading up with 1031 exchange and refinancing.

People will spend $100/month and wait there entire life trying to win $1M on scratch off tickets to retire broke, but if they would make the sacrifices above for 2-3 years they have the fortune.  They miss out because they depend on luck instead of depending on themselves.

If possible, sell it for pay off or higher and pay cash for a 15 year old Camry, Corolla, or Prius.

@Shiloh Lundahl I am a long term buy and hold investor. I focus mainly on MF but I have a few SF as well. I currently have 22 doors and essentially have run out of capital. I could keep buying 1 or 2 duplexes per year and slowly scale up with the occasional 1031 but I'm looking for capital to buy bigger deals in my market so I can scale faster. Most recently I'm about 100k away from closing on a $2.1M deal. I have money to put in the deal but I'm 100k short of 20% down. I could sell a few of my properties to get the cash but I would rather keep those properties that are performing. I might also look to raise money via rule 506. Essentially in a dream world I would love to find a passive partner with cash to add to my system so I can scale fast, pay off my lender/partner with fantastic returns and keep moving. I can get it done without private money but it might take me more time and as we all know, time is expensive.

I love BP and my PRO membership is still worth the money, and I also like supporting them because I get a ton of value from this website.

I was frustrated to see that theres just as many scammers, frauds, and tire kickers in the pro-only forums as the free forums. I expected the cost to keep them out but apparently it doesn't. It would be hard and expensive for BP to police these people and I'm sure they're putting in a good effort.

My plan for now is to keep up the hustle and grind and hopefully my success will draw the equity partnerships and private money lenders to me.

Consider running a dehumidifier in the condo to control moisture near the shower, not much else you can do.

I'll keep you in mind, Alex. I would really like to find a passive partner to bring capital to the closing table for a set return. Next time I need a HML I'll reach out, your terms look appealing. Thank you

Update: No private investor reached out to me to partner or to finance this deal. I bought it anyway with cash. I'm having a hard time finding legit private money lenders or JV partners. Maybe I'm looking in the wrong places but it's discouraging when you lay out exactly what they should be looking for and nobody wants it. Anyway door 23 is closed and I'll keep on scaling. Still looking for the right JV partner if anyone would happen to see this and would like to bring some cash to a deal as a passively investment.

Thanks!